By Rafiq Raji, PhD
Twitter: @DrRafiqRaji, @macroafrica

Global Markets

• Asia stock rush pauses, bonds rally on sober Fed
• Ex-Asia stocks pause after 10-session winning streak
• Fed cautious on economy, ready to take further action
• Bonds rally as Fed mulls yield curve control, guidance
• Dollar near 3-mth lows on dovish outlook

Oil Markets

• Oil prices slide on concerns about patchy demand recovery, record US stocks
• Brent down 2.0% at $40.88 a barrel (0031GMT)
• WTI down 2.2% at $38.74 a barrel

Precious metals

• Gold hits over 1-wk high on gloomy US Fed outlook
• Spot gold down 0.2% at $1,732.56/oz. (0114GMT)
• US gold futures up 1.2% at $1,741.90/oz.

Grains

• Chicago soybeans trade near 2-mth peak on strong China demand
• Soybean futures down 0.1% at $8.64-1/4 a bushel (0142GMT)
• Corn up 0.1% at $3.26-1/2 a bushel
• Wheat up 0.2% at $5.07-1/4 a bushel

Key African events or data releases today
[Posts & comments at my Twitter handles @DrRafiqRaji, @macroafrica]

• Kenya, Uganda & Tanzania finance ministers present 2020/21 budgets
• Nigeria Senate expected to pass amended $30 billion 2020 budget
• Burundi’s fragile presidential transition in focus
• Statistics South Africa releases mining & manufacturing data for March & April
• Nigeria MPs conduct public hearing on contentious health bill
• South Africa SACCI business confidence May-20 [prev. 77.8]
• Key African countries on lockdown or restricted; subdued economic activity
• Covid-19 updates by authorities across the continent

Key African events or data releases yesterday & early a.m today

• Ugandans melt plastic waste into coronavirus face shields
• Pompeo welcomes agreement for UN Libya talks, urges speedy ceasefire
• Nigeria minister calls for action on ‘alarming’ increase in rapes during coronavirus lockdown
• Mali 2019 gold mining revenue boosted by strong output, prices
• WHO hopes to work with US on ebola despite Trump criticism
• Nigeria’s House send 10.8 trillion naira budget to Senate
• UN Libya mission says warring sides have engaged in truce talks
• Libya’s GNA & LNA engage in UN-supported 5+5 joint military commission talks – tweet
• Morocco MPs rap virus lockdown extension, saying people “exhausted”
• Nigeria 5-yr naira futures sink to 578 on dollar shortage
• Nigeria’s House of Representative passes 10.8 tln naira budget based on $28/bbl oil
• Egypt presidency says Trump welcomed Egypt’s proposal for Libya ceasefire in a call with President Sisi – statement
• South Africa rand gains as dollar weakens ahead of Fed
• Africa Oil – Nigeria to cut output by mid-July, HPCL issues tenders
• Bandits kill at least 20 in northwest Nigeria’s Katsina state, say police
• AfDB VP resigns, says unrelated to whistleblower probe
• Zimbabwe president says currency under attack as prices spiral
• South Africa Implats chairman to retire in October
• Turkey dismisses Egypt proposal for Libya ceasefire – Hurriyet
• Eni says situation at Libya’s Mellitah has returned to normal
• Should we remove statues of Congo’s coloniser king, Belgium councillor asks
• Paris Club debt freeze reaches $1.1 bln as Ethiopia, Pakistan get relief
• Toppled statue of English slave trader to be moved to a museum
• South Africa insurer Sanlam cautious about new business growth on recession worries
• Burundi begins official mourning of President Nkurunziza
• Ethiopia extends PM & lawmakers’ terms, to hold polls within a year
• South Africa pay-TV firm MultiChoice reports first full-year profit
• Hairdressers go underground as lockdown drags on in South Africa
• Uganda shilling little-changed but may weaken on importer demand
• Egypt headline inflation slowed to 4.7% in May – CAPMAS
• Nigeria to reach OPEC+ compliance by mid-July
• Zambia tackles ‘deliberate’ undervaluation of mineral exports
• South Africa mall operator Hyprop says seeing pick up in rent collections
• Libya’s NOC says output shut down at El Feel oilfield
• South Africa business confidence hits record low as lockdown batters economy – survey
• South Africa – Platinum processing continues at Amplats plant despite repairs
• ArcelorMittal South Africa fined over hydrogen sulfide emissions
• Battling Somalia’s epidemic, a grieving British doctor finds peace
• Moody’s downgrades South Africa’s Land Bank deeper into ‘junk’
• Kenya shilling weakens as easing lockdown restrictions boosts demand
• South Africa Ascendis Health’s CFO resigns

N.B. Full stories of above headlines are available on Reuters